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Flashcards in BS 1 Deck (7)
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1

For a business to prosper over time it must

‘To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society’

2

Factors that change BS focus

Scandals
increasing diverse stakeholders
societal issues
biz opportunities
Ethical operation

3

Types of business environment in BS 4 w/eg

social (Demographic, lifestyle, socval)
Economic (Micro/Macro factors)
Political (Regulation)
Technological (impact on products, services and processes)

4

quote related to Power and responsibility

- “in the long run those who do not use power in a manner which society considers responsible will tend to lose it ” (David and Blomstrom, 1966)

5

societal norms in business, what is it and what influences it (3)

Agreement between society and business through laws and regulation and normative perspectives
These rules are shifting rapidly due to societal changes
The shared understanding branches from:
business ethics
sustainability issues
stakeholder management

6

Difference between regulatory shifts and normative shifts

Regulatory relates to government regulation eg carbon tax and Normative relates to social values

7

Stakeholder relationships essentials 3

Essential to engage and understand stakeholders in order for them to buy-in your business
Understand as a form of business development
Understand their agendas